7 Troubling Spending Habits of Overseas Filipino Workers

Studies conducted by the overseas Filipino worker (OFW) market segment of Philam Life showed that OFWs have developed troubling spending habits that prevent them from getting ahead and becoming successful in life. Cary Casipit, Philam Life vice president for OFW market, enumerated seven common spending habits noted in the study.

1. They have no financial goals. Financial goals are important and these should be discussed within the family and each one has a role to play, not only the OFW, to realize their financial goals.

2. Reckless spending – with excess money, the usual thinking is, this is extra money I can spend instead of this is extra money I can save for the future.

3. Malas-swerte mindset – one should realize that bad luck is inevitable in the absence of a plan and good luck never comes when money is allowed to sleep and not invested to grow in better yielding financial tools.

4. Financial management is handled by parents only – it is often the case that parents don’t teach their children how to manage money. Kids need to learn the value of saving, budgeting, investing and financial planning.

5. Most OFWs don’t plan for post-abroad life. They should acquire the mindset that their employment is not permanent and thus they need to prepare for retirement, health and possible job loss.

6. They tend to accumulate unproductive assets. When buying a piece of land or a business, one needs to think of how to make these acquisitions profitable.

7. Doped on the “get rich quick” investment schemes. It’s important to learn about sound investment instruments and consult trustworthy mentors to help you in your journey to financial abundance.

Do you want to learn how to handle your finances wisely and get ahead like three maids and a driver? Join the Truly Rich Club now! Click here.

Blessings!

Truly Rich Club Wealth Quote by Manuel V. Pangilinan

“I was born poor but, poor was not born in me.” – Manuel V. Pangilinan

Manuel V. Pangilinan Quote

Manuel V. Pangilinan, a Filipino businessman and chairman of the Philippine Long Distance Telephone company did not use his poverty as an excuse to stay poor.

Stop procrastinating. Stop making excuses. Join the Truly Rich Club now and leave your poverty behind.

The Best Antidote For Fear

Image from http://www.thehomeopathiccollege.org

Last August, I hosted a raffle promo in my Facebook page, Pinoy Employees & OFWs Can Invest In The Stock Market. I asked the entrants a question they are required to answer before they can submit their entry form. The question was, “What is the one thing that’s stopping you from investing in the stock market? If already an investor, what stopped you before from investing in it?”

Some of the answers I collected were:

1. “I used to fear losing money in the stock market. It is good that I am now more informed and can take calculated risks.” – Kim

2. “Fear.” – Randy

3. “Fear of losing the hard-earned money.” – Beth

Fear was the common thing that held them back or is still holding some of them back from investing in the stock market.

I remember a team building activity we participated in at my former work where we were asked to write on a piece of paper what our fears are. I wrote down, “I fear fear itself.”

The fear I fear is the kind that when not overcome robs one of the joy of living a full life, paralyses one from taking a leap of faith or even prevents one from committing mistakes which otherwise could bring wisdom to one’s life if one lets courage take center stage.

The answers of the participants in the raffle promo I conducted echoed what delayed me from investing in the stock market before, too. I also feared losing my hard-earned money. But, I went deeper and listened to the why of the fear.

I discovered that I was scared because I did not know enough how the stock market works. How do I decide what stocks to buy, when to buy and when to sell?

By the way, I confess that I initially dabbled in it relying only on my instinct and gut feel and my former stock broker’s recommendations.  Click here to read a previous post I wrote about this.

Learning the why of my fear and knowing that there is no room for moon shots when it comes to investing in the stock market, I read books and sought mentors who could help me undress this alien and unlock its secrets and finally discover how it could be the vehicle they say would bring me to my dream destination, financial freedom! Click here to read the post about my books on financial literacy.

Armed with knowledge, I trampled the fear and went forward and invested in the stock market with confidence. And, I have no regrets. 🙂

Indeed, knowledge is the best antidote for fear! Do you agree? Share your thoughts in the comments.

Do you want to increase your ability or want to learn where to get the resources you need to invest in the stock market? Click here.